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Emeritus Announces Operating Results For Fourth Quarter And Full Year 2011

Total revenue in the fourth quarter of 2011 increased 14.2% to $324.1 million. The $40.4 million revenue increase consisted primarily of $2.2 million in the Company’s same community portfolio of 262 communities operated during both periods and $38.7 million from the acquisition of communities (net of dispositions).

Total average monthly revenue per occupied unit for the consolidated portfolio increased 2.0% to $4,080 in the fourth quarter of 2011 from $3,999 in the fourth quarter of 2010. This increase in rate was partially due to 27 consolidated communities added in November 2010 that had higher average rates.

In the fourth quarter of 2011, total average occupancy for the consolidated portfolio was 86.6% compared to 86.2% in the fourth quarter of 2010, a 40 basis point improvement.

Community operating expenses increased $34.0 million to $219.4 million in the fourth quarter of 2011. Approximately $26.8 million of the increase resulted from the acquisition of communities (net of dispositions), $5.4 million from same community operating expenses, and the remaining increase primarily from changes in professional liability and workers’ compensation self-insurance reserves.

Community operating income increased $6.5 million, or 6.9%, to $99.6 million in the fourth quarter of 2011 compared to $93.2 million in the fourth quarter of 2010.

Excluding non-cash stock-based compensation expenses, general and administrative expenses as a percent of total operated community revenue, which includes revenues of managed communities, decreased to 5.0% in the fourth quarter of 2011 from 5.2% in the prior year quarter. General and administrative expenses in the fourth quarter of 2011 were held essentially flat from the prior year quarter.

For the quarter ended December 31, 2011, Adjusted EBITDAR increased $7.7 million, or 9.5%, to $88.5 million, with the increase primarily driven by the $6.5 million increase in community operating income.

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